The definitions indicate that "property" is basically anything owned. I'm understanding that to include one's home. Additional reading indicates that the transfer of ownership can be handle by including the beneficiary's name and POD, TOD, etc., allowing ownership control... Read more »
Transferring by making sure everything has a beneficiary on title usually saves significant time, effort and expense so it is a great idea to explore. While Maryland probate fees are not terribly high, it is not uncommon for estate expenses to eat up 4-5% or more of the assets with expenses like...Read more »
Legal blindness in no way affects competency to do planning documents like a power of attorney. So under the facts you describe, assuming he is otherwise competent the uncle would be well advised to reach out to an attorney and get planning documents in place. There are additional safeguards an...Read more »
A disabled person who is unable to manage their affairs may not be competent enough to execute a valid Power of Attorney. Instead, if someone is incompetent without a pre-existing Power of Attorney the family usually needs to seek legal guardianship through the courts.
An acquaintance of mine (I’ll call him Ted) acquired two rental properties, one in Baltimore City and one in Baltimore County. After Ted's original business partner fell through (due $ and COVID), Ted asked if I could provide the money to convert both properties into multi-unit dwellings and... Read more »
A deed and lien (mortgage) have two distinct purposes and different sets of pros and cons. However, one can't deed a property over without getting approval of the existing mortgage lender and without paying the applicable transfer and recordation taxes.
My friends asked me to be the trustee of their son who has a disability. I didn't know what that meant and I tried to decline and they told me it wasn't that hard. That I would be the local person and his sister would be making the decisions. I didn't research it and agreed.... Read more »
First, it is great that you took the time to research what a Trustee does!
A Trustee is not the same as a guardian, but a Trustee bears responsibility for overseeing whatever assets are placed in their care. Trustees routinely hire professionals to assist (e.g., hiring a lawyer to help...Read more »
I recently made two $1500 payments and was told on the phone that my remaining balance would be $246. I called back to make my final payment and was told that it is $301.91. I asked for a print out of my statement, which I did receive. I’m not sure I understand it fully but I believe I’ve been... Read more »
The first place to start with any loan question is the loan paperwork.
Most loans have interest and clauses that the borrower agrees to pay for attorney fees if they "default" or miss a payment and the case gets sent to an attorney for collection. However, this must be in the...Read more »
A friend of mine has a neighbor who is in danger of being foreclosed on due to COVID impacting his business. They are willing to sell me the home, however, I don't have the credit available to purchase it using a conventional loan since I already own my own home. I’m hoping to move into... Read more »
A rent-to-own arrangement does NOT protect property from going into foreclosure. A lender who is not paid usually has the right to foreclose on property and a tenant under a rent-to-own contract would lose the right to purchase if the property goes through foreclosure. In certain situations a...Read more »
Figuring out options for someone in the middle of an active contract requires looking at the contract. People can write contracts in many different ways, with different consequences for things like inspections and meeting contingency deadlines.
Now if all the parties agree they could of...Read more »
Under Section III, we said buyer and seller to pay equally. Do we split .25% if the buyers qualify as a first-time homebuyer. Or, does the seller pay the .25%. If you cannot answer, please refer this question to a real estate attorney. I have been trying to get an answer for hours! It is a... Read more »
There are 3 different transfer and recordation taxes in Maryland.
One of these taxes (state transfer) is .5% and is affected by the status of the buyer as a 1st time homebuyer. That tax is dropped in 1/2 to .25% for a first time homebuyer, and the Seller must pay ALL of that tax....Read more »
A repossession does not wipe out debt, and would surely make it more difficult to qualify for a new car loan. The lender will credit for whatever a repossessed car sold for, but the borrower is still on the hook to pay off the balance of the loan. Although it is hard to imagine a scenario...Read more »
The contract dictates who pays the closing costs and settlement fees and the title company should follow those instructions. Note that in most cases the Seller will pay the cost of the deed preparation and the cost of recording the release for any mortgage, even if the Buyer will pay the...Read more »
What about land installment contracts do you want to know?
It might be helpful to contact a lawyer to go over the particular situation and ways to structure. Maryland law allows land installment contracts, though there are other ways to structure transactions where the goal is to pay the...Read more »
If someone doesn't have the credit bandwidth to purchase a property from an owner in say 2-3 years as is typical. Could the contract be written for a longer period say, the length of the original owner's mortgage?
It is worth noting that any leasehold arrangement longer than 7 years generally must be recorded among the Land Records and that recordation tax may be due on the recording. For this reason it is not common in Maryland to have a lease with a term greater than 7 years.
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